Prudential-Wachovia-WACKADENTIAL

In the late 1980's I worked at Prudential-Bache, Prudential Securities and whatever else they have called themselves over the years. Bar none, the worst firm I ever worked at. It was by "default" that I was in a Prudential seat as the firm I was working for went bankrupt of all things and Prudential had the money to gobble up what was left.

Here is another little fine they have been hit with. I believe their limited parnership scams in the 1980's cost them billions as well. never forget, these stockbrokers generated $57,000,000 in commissions from 2001 to 2003 alone. The clients then made over $100,000,000 in illicit profits. The brokerage firms pay up to avoid the prosecution of criminal wrong-doing. They pay up and avoid the hassle, then on to the next mess they will engage in to heap havoc on the investing public. The cycle continues unabated. Just follow the money. Enjoy this article.

SAN FRANCISCO (MarketWatch) - Prudential Financial agreed on Monday to pay $600 million to settle charges that former workers at its brokerage unit defrauded mutual fund investors by helping clients rapidly trade funds.

The payment -- one of the three largest market timing settlements -- ends civil and criminal probes and allegations by the Department of Justice, the Securities and Exchange Commission and several other regulators including New York Attorney General Eliot Spitzer, the SEC said in a statement.
Prudential Equity Group, a subsidiary of the big life insurer that used to be called Prudential Securities, admitted criminal wrongdoing as part of its agreement with the Justice Department, according to a statement from that regulator.
Prudential will pay $270 million to victims of the fraud, a $325 million criminal penalty to the DOJ and a $5 million civil penalty to the Massachusetts Securities Division, the SEC said.
"We take these matters very seriously and deeply regret the conduct of some former employees that led to these problems," Prudential and other firms, have paid more than $3.5 billion in fines and disgorgement since the mutual fund market-timing schemes were uncovered by Spitzer and other regulators.
Prudential's $600 million payment has only been topped by Bank of America, which paid $675 million. Alliance Capital, with is now called AllianceBernstein, paid $600 million.

Monday's deal settles three-year-old civil charges against Prudential.
Federal and state authorities alleged that from 1999 through June 2003, a number of brokers at Prudential Securities deceptively placed thousands of prohibited market timing trades of mutual funds for their clients, who were usually hedge funds, the SEC and the DOJ explained in their statements on Monday.
By placing their trades in multiple accounts, often with multiple identities, the brokers were able to evade efforts by the mutual funds to block the market timing, the regulators said.